On 28 November 2018 Obiamiwe was convicted of three counts of
converting criminal property and on Friday 27 September 2019 was
sentenced to two years and six months in prison.

by SaharaReporters, New YorkOct 03, 2019

Three money launderers who pocketed a share of a £1 million ‘rareearth’ metal scam have been jailed.‎

The Commodities Link gave customers the opportunity to invest inbaskets of valuable elements - known as ‘rare earths’ - when inreality the metal they were selling was almost worthless.

A group of South East-based tricksters charged between seven and twohundred times the actual value of the metal, and asked their victimsto pay some of their investments into accounts owned by Ike Obiamiwe,56 and Daniel Jordan, 36 and Tarun Jain, 50.

On 28 November 2018 Obiamiwe was convicted of three counts ofconverting criminal property and on Friday 27 September 2019 wassentenced to two years and six months in prison.

Obiamiwe insisted that he was a consultant who gave advice tobusinesses and told investigators the money in his bank account hadcome from a trading company in Dubai.

On 29 November 2018 Jordan was convicted of two counts of convertingcriminal property and on Friday 27 September was given a 12-monthsuspended sentence.

However, the CPS was able to prove the £87,000 in his account was partof the proceeds of the fraud.

Jain tried to deny his involvement by insisting the money had been putinto an old business account, but the CPS were able to prove his rolein this money-laundering operation.

On 15 August 2019 Jain was convicted of three counts of convertingcriminal property and on Friday 27 September was sentenced to twoyears and four months years in prison.

Alongside some purchases on iTunes, further investigation found thatJordan had siphoned £80,000 through his accounts.

At Kingston Crown Court on September 27, Jordan, Obiamiwe, and Jainwere sentenced to a collective five years in prison for three countsof money laundering.

Libby Clark of the CPS, said: “These men tried to hide what they weredoing through lies or multiple bank accounts, covering the fact theywere actually laundering money that had been gained through anelaborate fraud.”

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